Chevron license termination could lead to new oil export pact in Venezuela, sources say

The cancellation of a license for Chevron to operate in Venezuela could lead to the negotiation of a fresh agreement between the U.S. producer and state company PDVSA to export crude to destinations other than the United States, sources close to the talks said.

U.S. President Donald Trump said on Wednesday he was reversing the license, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

U.S. Secretary of State Marco Rubio later said on X he would provide foreign policy guidance to terminate all oil and gas licenses to companies operating in Venezuela "that have shamefully bankrolled the illegitimate Maduro regime".

Companies including Repsol, Eni and Maurel & Prom also have access to Venezuelan crude under U.S. authorizations.

As of Thursday morning, the U.S. Treasury Department had not published any license cancellation terms nor set a deadline to wind down oil exports from Venezuela, which resumed crude sales to the United States in early 2023 after a 4-year pause.

Oil cargoes chartered by Chevron were departing as scheduled from Venezuelan ports bound for the United States, according to vessel monitoring data and PDVSA's internal export records.

Shippers had not been given directions to slow down loading or divert tankers, maritime sources said.

Chevron said it was considering the implications of Trump's decision. Repsol, Eni and Maurel & Prom did not reply to requests for comment.

Chevron's six-month license has been renewed automatically without interruption since November 2022. Last year, the company's joint ventures produced about a quarter of all oil output in Venezuela and the country became the fourth largest crude provider to the United States.

Spot prices of a key medium crude grade in the U.S. Gulf Coast spiked on Wednesday as refiners began seeking alternatives, including Colombian, Ecuadorean and Guyanese grades.

Venezuela's crude accounted for 13% of imports by U.S. Gulf Coast refineries last year, according to U.S. Energy Information Administration data.